Savings

Cynergy Bank – 1 Year Fixed Rate Bond

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week Cynergy Bank has increased rates on selected fixed bonds, which includes the one-year fixed option that now pays 2.96%. The deal sits in a prominent position against other bonds that are fixed for 12 months and may entice savers who are looking for a competitive return and are happy to lock their cash away for the next year. As is common with a fixed bond, no earlier access is permitted, and investors will need a minimum of £10,000 to deposit to be eligible. Overall, the deal earns an Excellent Moneyfacts product rating.” 

Key product details:

• Rate: 2.96% gross / 2.96% AER payable on its anniversary
• Notice / term: One year
• Minimum opening amount: £10,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Permitted for 14 days from account opening
• Opening account: Online
• Managing account: Online, by post and by phone
• Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

Monument Bank – 2 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Monument Bank has increased the rate on its 2 Year Fixed Term Deposit this week. Now paying 3.31%, the deal secures a more prominent position in its sector and could entice savers looking for a guaranteed return on their cash. Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 3.31% gross / 3.31% AER payable on its anniversary
• Notice / term: Two years
• Minimum opening amount: £25,000
• Maximum investment amount: £400,000
• Access: Not permitted
• Further additions: Permitted for 14 days from account opening
• Opening account: Via its mobile app
• Managing account: Via its mobile app
• Other information: Minimum applicant age 18.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Close Brothers Savings has increased rates on its Fixed Rate Cash ISAs, including its one-year deal which now pays 2.45%. The deal takes a firm position within its sector and may well entice savers who are planning to utilise their tax-free ISA allowance. Savers who have £10,000 to invest, whether as a deposit or transfer in, can apply online to secure this attractive rate over the next year. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 2.45% gross / 2.45% AER payable on maturity
• Notice / term: One year
• Minimum opening amount: £10,000
• Maximum investment amount: ISA allowance
• Access: Permitted on account closure, subject to 90-day loss of interest penalty
• Further additions: Permitted for 10 days from account opening
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
• Transfers out: Permitted, subject to 90-day loss of interest penalty
• Opening account: Online
• Managing account: Online, by post and by phone
• Other information: Minimum applicant age 18.

Mortgages

Yorkshire Building Society – Two-year variable tracker rate mortgage, 75% loan-to-value 

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week Yorkshire Building Society has re-launched its variable tracker rates, including its two-year deal priced at 2.49%. Borrowers searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive. There is a product fee of £995 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

• 2.49% variable tracker rate (collared at 2.49%) to 30.9.24
• Product fee: £995
• Maximum loan-to-value: 75%
• Available to: All borrowers
• Incentives: Free valuation
• Flexible features: Allows overpayments. Underpayments and payment holidays considered, but not to exceed level of overpayments previously made
• Lending area: Great Britain and Northern Ireland.

Loughborough Building Society – Two-year discounted variable rate mortgage, 75% loan-to-value 

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Loughborough Building Society has launched a new discounted variable rate mortgage this week, priced at a competitive 1.99% for two years. Borrowers looking to save on the upfront cost of their deal may be pleased by the free valuation incentive, plus, the deal does not carry a product fee. The deal earns an Outstanding Moneyfacts product rating.” 

Key product details:

• Rate: 1.99% discounted variable rate for two years
• Product fee: None
• Maximum loan-to-value: 75%
• Available to: All borrowers
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England and Wales.

Buy-to-let 

TSB – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“TSB has launched a new five-year fixed mortgage onto the buy-to-let market priced at 3.39% at 60% loan-to-value. The deal is competitively priced and carries an incentive of a free valuation, which may entice borrowers looking to reduce the upfront cost of their mortgage. Overall, this earns an Excellent Moneyfacts product rating.” 

Key product details:

• Rate: 3.39% fixed rate to 31.12.27
• Product fee: £995
• Maximum loan-to-value: 60%
• Available to: Second-time buyers (remortgage product also available)
• Incentives: Free valuation
• Flexible features: Allows overpayments.
• Lending area: Great Britain.

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“HSBC has increased the rate on its five-year fixed deal this week, which is now priced at 3.73%. Landlords looking to save on the upfront cost of their mortgage may find the deal appealing as it has no upfront fee to pay and carries an incentive package of free valuation and £500 cashback. Overall, the combination of the package earns this deal an Excellent Moneyfacts product rating.” 

Key product details:

• Rate: 3.73% fixed rate to 31.10.27
• Product fee: None
• Maximum loan-to-value: 75%
• Available to: Second-time buyers
• Incentives: Free valuation and £500 cashback
• Flexible features: Allows overpayments.
• Lending area: Great Britain and Northern Ireland.

Banking

first direct – 1st Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“first direct has increased the switching incentive on offer on its 1st Account this week. Customers who switch using the CASS (Current Account Switch Service) will now receive £175 cashback, so long as the account is credited with £1,000 within the first three months after opening. The account offers a competitive interest-free buffer on its overdraft of £250, which may be attractive for those who want a safety net. On balance, the account earns an Outstanding Moneyfacts product rating.”

Key product details:

• Credit interest / reward: None
• Cashback on debit card purchases: None
• Account fee: None
• Credit interest: None
• Arranged overdraft: £250 interest-free buffer, reverting to a standard 39.9% EAR
• Opening account: Online and by phone
• Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
• Other information: Minimum applicant age 18.